Several of the more crypto-forward members of Congress have asked the IRS to sharpen up its guidance on taxing staking rewards. On Aug. 4, four U.S. congressional representatives wrote to the Internal Revenue Service (IRS) asking the tax authority not to overtax rewards from Proof-of-Stake blockchains. Explaining the difference in energy consumption between PoS and…
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Disclosure sounds like it exposes you to extra IRS audit risk, but if it’s done properly, disclosure can actually reduce your risk. Crypto and taxes hardly go together like cream and sugar. Yet every crypto investor or business these days faces them. For many, starting with the United States Internal Revenue Service’s launch of the…
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The IRS is looking to expand its investigative capabilities around privacy coins, layer-two solutions, and sidechains. The United States’ Internal Revenue Service (IRS) is seeking information and tools to help it trace transactions using privacy coins, layer two protocols such as Lightning Network and side chains like Plasma and OmiseGo (OMG). A June 30 request…
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U.S. agencies sought millions of dollars in new funding to bolster national and international cryptocurrency investigations. The COVID-19 pandemic has crushed businesses, crippling life all across the world. It is costing darknet drug traffickers millions as well because their methods of moving drugs and funds have been compromised during the lockdown, according to a blog…
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The coronavirus pandemic has forced governments worldwide to focus on bringing blockchain tech to their financial services. Famed currency speculator George Soros, who in 1992 broke the Bank of England to emerge a billionaire overnight by forcing the pound out of the European Exchange Rate Mechanism, believes: “We will not go back to where we…
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A new crypto reporting app by the big four accounting firm EY will help clients with tax reporting as the IRS cracks down on tax evasion. Multinational professional services firm Ernst & Young have released a crypto tax app called EY CryptoPrep. It’s a fully automated, web-based Software as a Service (SaaS) product to assist…
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The US federal court sides with the IRS in a dispute involving crypto whales and unpaid taxes. The United States Tax Court has affirmed the IRS’ decision to deny a Maryland couple an installment plan. They state instead that the couple should liquidate their $7 million cryptocurrency holdings to pay off the tax debt. The…
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There is no denying that you should be paying taxes on your income from crypto, but how can you ensure that you are not paying more taxes than you owe? Many crypto holders are reporting their crypto transactions for the first time as a result of the United States Internal Revenue Service’s question about “virtual…
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An analysis of the advantages and disadvantages of the blockchain protocols that are the basis of the entire industry. Bitcoin (BTC) is the largest decentralized digital currency in the world, with an estimated market capitalization of around $169 billion. In the nearly 12 years since the publication of Satoshi Nakamoto’s famous white paper in 2008,…
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Check the bad crypto news of the past week. It’s been a good week for Bitcoin. After languishing at around $6,700, the cryptocoin is up more than 6 percent over the last week to take it above $7,000. And the next halving is now less than three weeks away. Changpeng Zhao is looking further ahead.…
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